Cello World's Rs 1900 crore IPO opens on Monday. What GMP signals ahead of subscription?
IPO) of Cello World will open for subscription on Monday. The company has fixed a price band of 617-648 per share for its offer.
Ahead of the issue opening, the company's shares are commanding a healthy premium of Rs 90 in the unlisted market.
The stationery maker has raised Rs 567 crore from anchor investors where marquee investors including Goldman Sachs, Nomura, SBI Life, Morgan Stanley among others participated.
The issue, which closes on November 1, is completely an offer for sale worth Rs 1,900 crore.
Investors can bid for a minimum of 23 shares in one lot and in multiples thereafter.
Under the OFS, promoters Pradeep Ghisulal, Pankaj Ghisulal Gaurav Pradeep and selling shareholders Samgeeta Pradeep, Bibita Pankaj, Ruchi Gaurav Rathod will offload their partial stakes in the company.
About 50% will be available for allocation on a proportionate basis to qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors. The IPO also includes a reservation of up to Rs 10 crore for subscriptions by eligible employees.
Net proceeds from the IPO will entirely go to the selling shareholders.
Mumbai-based Cello World boasts an extensive product portfolio across three key categories — consumer houseware, writing instruments and stationery, and moulded furniture and related products.
It offered a wide range of 15,841 stock-keeping units (SKUs) spanning its various product categories, as of March 2023.
